Safeguard jobs of staff of defunct banks - TUC to BoG

The Trade Union Congress (TUC), is calling for proper investigation into what necessitated the biggest bailout of five banks in the country.

The TUC in a statement says after the investigation, those found culpable must be punished in accordance with the laws of the land to avoid further collapse of other banks.

A statement signed by the Secretary General of the TUC, Dr. Yaw Baah, applauds the Bank of Ghana for the steps so far taken to restore confidence in the banking sector.

The statement welcomes the establishment of the Consolidated bank by the Central Bank and says it gives confidence that depositors funds are safe.

The TUC also wants the new bank created to safeguard the jobs of people working in those five banks which were consolidated.

The Bank of Ghana (BOG) on Wednesday (Aug 1), announced it was creating a Consolidated bank to take over five struggling banks in the country.

The banks are the Construction, Royal, Beige, Unibank and Sovereign Banks.

The TUC says given the state of joblessness in the country, it is important that development in the banking sector and the measures being taken to address them do not add to the huge unemployment challenge.

The TUC urges the Bank of Ghana to safeguard all the existing jobs of employees of the affected banks.